I also expect to get an announcement in Feb regarding the status...

I also expect to get an announcement in Feb regarding the status of the farm-in process, hopefully an MOU detailing the terms. Though I would be surprised if the farm-in company was named until after any agreement has been documented.

Even assuming the mgmt self imposed Mar-2012 deadline slips a month, I'm still confident the oppies can reach 3c+ before Jun-2012.

If you look at the performance of the sp in early Nov-2011 when the NSA report came out, it rose from low 4c's to mid 6c's over a 4 week period leading into the announcement.

I'm expcting a much larger appreciation in the sp leading up to the farm-in announcement, 100%+, as the farm-in will not only provide certainty as to exploration funding, but also a low case valuation of sorts for the whole Seychelles acerage.

So my base case sp post farm-in is 10c+, meaning the oppies will be around 3c, including a small premium for time.